Charting technology's effectiveness for tax and finance professionals

Thomson Reuters has today released the final report within the Digital Transformation in Tax Compliance and Statutory Reporting series.

Entitled Charting Technology’s Effectiveness for Tax and Finance Professionals, the fourth instalment of the report explores how professionals perceive to their company’s tech investments. Additionally, the report uncovers the driving forces behind tax technology adoption.

Read on for an extensive summary or skip right ahead to the report by completing the form on this page.

Error rates, time savings and compliance

Statutory reporting software helps finance departments convert manual tasks into automated tasks. Over two in five direct tax compliance professionals surveyed (43%) who use tax and compliance software said that efficiency has improved from 41-80%. Their experiences show the positive benefits of adopting tax and compliance reporting software.

The liberation of time also stood out as a key theme in the survey findings. Across all the professionals we surveyed, nearly three in four (74%) noted that technology helps them, and their teams focus on more value-added activities.

Readiness for real-time reporting

The rise of e-invoicing is also supporting the real-time reporting movement. Regulations for it vary by region, with each at various stages of market maturity.

Nearly three in five direct tax and indirect tax professionals (56%) have an e-invoicing solution at use within their organisation. This signals a substantial readiness among the cohort to meet mandates and guidelines.

Tech literacy

Most tax compliance and statutory professionals (78%) believe their departments have a moderate or advanced understanding of current technology trends. This reflects a positive level of tech literacy within their finance teams or centralised functions.

Conversely, about one in five (22%) said their department’s understanding of technology was limited.
This instalment concludes the findings of our complete four-part survey series, Digital Transformation in Tax Compliance and Statutory Reporting. In essence, the study has underscored the need for organisations to embrace technology as a strategic enabler.

Discover the keys to driving efficiency, tax compliance and innovation, in the ever evolving tax compliance and reporting landscape. Download your copy of Charting Technology’s Effectiveness for
Tax and Finance Professionals today.